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Sunday, March 17, 2013

"A major, MAJOR game changer"

The CEO of Saxo Bank comments on the Cypriot bank raids:
This is full-blown socialism. It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors' money and 9.9 percent of big depositors' funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?

I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.

This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere - not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.

If you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer's money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.

Depositors in other prospective bailout countries must be running scared - is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now. Even from the EU as a whole, I suspect, as the banking union is in place in most countries already.

Another open question is what will happen to the huge number of brokerages based in Cyprus? There is about 100 or more FX and other brokers currently operating under the relatively light Cypriot regulation. How will this impact the trustworthiness of these many small institutions? What IS the exact impact on the client deposits they might be holding in Cyprus? Will anyone dare to do business with them going forward?

This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors. Talk about a possible own goal.

Market reaction? it must be very good for gold - and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro countries in, for example, Scandinavia. I would think the EUR and associated markets will be undermined by increasing lack of confidence when the full implications become clear for investors.

This is full-blown socialism and I still cannot believe this really happened.
I think it is safe to say that it is very bad news when the actions of the international bankers appalls even their lesser brethren, and when the initial test-action exceeds the worst expectations of about only people to correctly anticipate it coming.

And note that they expect similar actions to take place in the USA as well.  Meanwhile, none of the smugly verbose defenders of the people on the Left appear to have even noticed anything has happened... most likely because this sort of thing is completely beyond their capacity to even comprehend, let alone analyze or anticipate.

You will recall that I have been warning readers to stay out of the stock market and the banking system to the greatest extent possible for some time now.  This is only one of the many reasons why.  Those who were confident in the security of their 401ks should probably reconsider their opinions in light of these mandatory depository "contributions" to the cause of debt restructuring.  As Karl Denninger puts it: "$100 bills in your hand have just been declared to be worth somewhere between 7-10% more than those "deposited" and "stored" in a bank."

I have to admit, once more I'm shown to be somewhat of an optimist.  I expected them to begin with pension and 401k seizures, I never imagined they would go right for the deposits.  But then, as a gangster of an earlier era said, the banks are where the money is.  And in case you were wondering what was going to bring the heavily overbought stock market's 10-day winning streak to a customarily nasty end, you would appear to have gotten your answer.

UPDATE: Germany and the IMF were originally demanding 40 PERCENT of all bank deposits.

UPDATE II: The Monday bank holiday in Cyprus has already been extended to Tuesday, and will likely be extended to Wednesday as well.  Pay attention, this is how it will happen elsewhere.  If you wait until the announcements hit, you will not be able to do anything until it is too late.

UPDATE III: Now the Cypriot Parliament is belatedly wondering if robbing the entire savings class is a health-conscious decision and dragging its heels. "Cyprus' parliament on Sunday postponed a debate and vote on a controversial levy on all bank deposits that the cash-strapped country's creditors had demanded in exchange for (EURO)10 billion ($13 billion) in rescue money.  The vote, which had been expected later Sunday, has been pushed back to Monday afternoon, parliamentary official Antonis Koutalianos said.  The announcement set off an immediate scramble among top European officials, with reports that the European Central Bank was pressuring Cypriot authorities to hold the vote without delay."

I expect the confiscations will go through, such things almost always do, but notice how it is always the executive branch that is the first to surrender.  And what a surprise, that the anti-democratic fascists of the EU failed to take into account that they'd have to get the support of the parliament in order to complete their little bank heist.  Also, look for the "Russian money laundering" angle to be talked up on the financial news in an attempt to justify the theft and reduce fears outside of Cyprus, which is, of course, the only place that any thing of the sort could possibly happen just this one time due to impossible-to-foresee emergency circumstances.

UPDATE IV: In what surely is completely unrelated news, the Russian Navy had an announcement today as well: "Russia will dispatch a permanent group of five to six combat ships to the Mediterranean Sea, Russian Navy chief Admiral Viktor Chirkov said. Frigates and cruisers will make up the core of the fleet."

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140 Comments:

Anonymous Porky March 17, 2013 9:13 AM  

SELL SELL SELL!

Anonymous Godfrey March 17, 2013 9:21 AM  

The modern “Left” - Disarm the proletariat and bail out the big banks.

The historic “left” is nothing but an illusion. Did they ever exist? Or were they simply dolts funded and manipulated by the wealthy elites?

Anonymous Loki of Asgard March 17, 2013 9:28 AM  

The historic “left” is nothing but an illusion. Did they ever exist? Or were they simply dolts funded and manipulated by the wealthy elites?

Think you this was not always the plan?

Anonymous Stilicho March 17, 2013 9:33 AM  

This is a canary in the Creditanstalt coal mine. I will be curious to see the reaction in Spain, Italy, Portugal, Ireland and even France.

Anonymous Porky March 17, 2013 9:37 AM  

After the dust settles from this one, it will be reported that this trial balloon was very successful and has saved Cyprus. Then it's welcome to Oceania, baby...

Anonymous Godfrey March 17, 2013 9:37 AM  

I think the naïve dolts on the "left" were used like cheap whores by the wealthy ruling classes to obtain power.

Blogger Tiny Tim March 17, 2013 9:38 AM  

"Selling them whiskey and taking their gold, enslaving the young and destroying the old." - Iron Maiden - Run to the Hills

Looking to be our generations anthem....

Blogger IM2L844 March 17, 2013 9:40 AM  

In what universe does the mere realization by the Eurozone populace that this can actully happen to them too not precipitate Eurozone wide bank runs? Walking it back makes it look like a clever tactical devaluation maneuver in the currency wars.

Blogger Tiny Tim March 17, 2013 9:41 AM  

Out on the plains we gave them hell...............

Anonymous Godfrey March 17, 2013 9:43 AM  

There is little reason now to be holding a substantial amount of cash in a bank. This shows that it doesn't belong to you.

The big banks and the puppet governments they control will destroy the world and everything in it before they allow themselves to go down.

Anonymous VD March 17, 2013 9:43 AM  

I had coffee with an Italian banker friend today. When I brought up Cyprus, he rolled his eyes, shook his head, and said "I don't even want to think about looking at my client emails tomorrow morning."

Anonymous Godfrey March 17, 2013 9:47 AM  

No wonder the elites have their political puppets pushing gun control so hard right now.

Anonymous Roundtine March 17, 2013 9:54 AM  

The ECB and Troika are implementing their own strong dollar policy. The greatest U.S. dollar rally in history in starting to unfold.

Anonymous Athor Pel March 17, 2013 9:57 AM  

If they take the 401k funds it will mean that much less money in use to bid up stock prices. Since the stock market is used as something for the talking heads on television to point to as proof of economic health I don't think they really want to do that. At least not right now.

Bank deposits aren't in play in the same way. They want all money in play to keep the charade up as long as possible.

Anonymous Stilicho March 17, 2013 9:58 AM  

Emails, schmemails. What are those clients going to DO?

Blogger Tiny Tim March 17, 2013 9:58 AM  

And you bunch of pussy's keep typing and talking in some pseudo-effete manner.

Ah, poseur's..............

Blogger Nate March 17, 2013 9:59 AM  

God Bless the Caymans.

Anonymous Stilicho March 17, 2013 10:00 AM  

The greatest U.S. dollar rally in history in starting to unfold.

I suspect you are correct. It will buy us a little time and present a wonderful opportunity.

Anonymous Stilicho March 17, 2013 10:02 AM  

I think the naïve dolts on the "left" were used like cheap whores...

If it walks like a duck, quacks like a duck, etc., it should expect to be treated like a duck

Anonymous JartStar March 17, 2013 10:03 AM  

I didn't suspect cash first either, but once again it goes to show you that there's no safe asset class when things get bad enough, you just have to diversify out into everything and hope one of them makes it through.

I suspect that if there's a flight from the banks to gold then they will start after the gold.

Anonymous harry12 March 17, 2013 10:07 AM  

...a ten year old girl who told her aunt that she could see “the man’s long skinny thing and floppy bits!”
Bank Job


Gotta get whatever's available, at your local bank!

Blogger Nate March 17, 2013 10:07 AM  

"There is little reason now to be holding a substantial amount of cash in a bank. This shows that it doesn't belong to you."

Well...while I agree your money, no matter how much of it you have... is safer in your home than in a bank... there is a good reason for some folks to have it in a bank. That reason being... there isn't enough cash in the system for them to be paid in cash consistently... and even if there is... the War on Drugs has practically made it illegal to use large amounts of cash. Go buy a car with cash some time.

Lots of dealers won't even take it because of all the legal hassles associated with that much cash.

Anonymous Godfrey March 17, 2013 10:08 AM  

They're calling it a "tax". Go stick a gun in someone's gut and call it a "tax" when you take his wallet.

We live in lawless times... well, lawless if you're a member of the wealthy ruling class.

Hey Leftists, when does utopia arrive?... you stupid naïve shits. You've given them this power and you've been conned.

Blogger Nate March 17, 2013 10:10 AM  

"I suspect that if there's a flight from the banks to gold then they will start after the gold."

Of course they will. But HOW will they come after the gold? If you think they are going door to door... you're mistaken.

Anonymous Godfrey March 17, 2013 10:17 AM  

@Nate March 17, 2013 10:07 AM
“Go buy a car with cash some time. “

I don’t profess to know the exact timing, but if one is saving cash in the bank for a major cash purchase such as for a car, I’d think that person may want to consider moving that purchase up in the calendar.

Blogger Nate March 17, 2013 10:19 AM  

"I don’t profess to know the exact timing, but if one is saving cash in the bank for a major cash purchase such as for a car, I’d think that person may want to consider moving that purchase up in the calendar."

one would do well to simply remove every dime from the banks.

Anonymous Anonymous March 17, 2013 10:32 AM  

How will this affect credit unions if they try in in the US?

Anonymous JI March 17, 2013 10:33 AM  

The Germans will finally have conquered Europe. Maybe it's for the best.

Anonymous The other skeptic March 17, 2013 10:42 AM  

Of course they will. But HOW will they come after the gold? If you think they are going door to door... you're mistaken.

They will leave that to their vibrant supporters. That is why they also want to take away the guns.

Anonymous VD March 17, 2013 10:44 AM  

How will this affect credit unions if they try in in the US?

Same as the banks.

Anonymous The other skeptic March 17, 2013 10:57 AM  

If they take the 401k funds it will mean that much less money in use to bid up stock prices.

After the stock market crash they will move on the 401K funds etc. They will nationalize them with the claim that they are looking after people.

Blogger Bob March 17, 2013 11:13 AM  

They keep stoking the fires...

Gotta wonder just how much pressure the boiler will take.

Anonymous Roundtine March 17, 2013 11:16 AM  

After the stock market crash they will move on the 401K funds etc.

No joke. Stocks drop 90% and the gov't will take the last 10% to buy Treasuries on your behalf, to protect you from the stock market at the time of the greatest buying opportunity in 100 years. Plus, they'll start printing after printing is useless, once the crash has occurred, and while your stocks would have held their purchasing power, those Treasuries they bought on your behalf will go to zero.

Blogger Nate March 17, 2013 11:20 AM  

"After the stock market crash they will move on the 401K funds etc. They will nationalize them with the claim that they are looking after people."

The stock market crash will be caused by the top tier cashing out... they scraps will be left for the second and third tier... and the governments will be left with whatever they can confiscate when its all over.

Blogger Nate March 17, 2013 11:23 AM  

"They will leave that to their vibrant supporters. That is why they also want to take away the guns."

No. they won't.

Do you realize what they had to go through to get the gold last time? They first had to pass a law that required a government agent to be there to witness the opening of any and all safety deposit boxes. They also passed a law saying the contents of any safety deposit box that had not been opened in 1 year... were to be confiscated by the government.

Then... and only then... could they make it illegal to own gold.

Because almost everyone kept their gold in safety deposit boxes... they had no way to get it. If you get it... they find it and seize it. If you don't get it... after a year.. they seize it.

That doesn't work today... because no one keeps their gold in safety deposit boxes anymore.

Anonymous Cinco March 17, 2013 11:25 AM  

"The greatest U.S. dollar rally in history in starting to unfold."

I dunno about this. If the Euro collapses that should send the dollar higher. I think that the Euro, is doomed and I expect the dollar to continue rising in the near future.

Right now I am 50% cash, 50% gold. Pretty much guaranteeing that I just break even either way, until the next big correction where I am going to leap in to the market.

Blogger Nate March 17, 2013 11:28 AM  

"The greatest U.S. dollar rally in history in starting to unfold."

This reminds me of that day that those Cambridge Economists reported that the US Stock Market was at a perpetual all time high... in 1929.

Anonymous Roundtine March 17, 2013 11:36 AM  

I didn't say it was going to end well. In fact, the greatest US dollar rally in history is a guaranteed path to hyperinflation. But for now, currencies still work like a see-saw. If one goes down more, the other one "goes up." The U.S. dollar can lose 50% of its value against gold as the metal rises to $3000, but at the same time the euro can fall to parity or lower, the yen can collapse to 250 to $1 dollar, the dollar index soars. And if the gold move is delayed, there can be a total devastating US dollar rally that kills everyone in commodities and foreign stocks.

Anonymous jack March 17, 2013 11:38 AM  

An observation. This for the prophecy/conspiracy folk that are hanging around.
The new Pope, according to Malachy and others, is supposed to be the last Pope. The last Pope is supposed to usher in the start of the Tribulation. I did not expect the first, major, barrage of the tribulation to happen just 5 days into Francis 1 reign. But, what the heck, might as well get it over with. Yes?

Pretty soon I don't think any of us will have any chilli.

I'm going long on pop corn and locally produced muscadine wine [semi-sweet] and bourbon to chase it. I'll deal with the headache after the rapture.

Anonymous Roundtine March 17, 2013 11:39 AM  

A major U.S. dollar rally is the perfectly wrong thing to happen. It is like tech stocks going vertical in 1999, or the illegal alien landscaper getting the $1 million mortgage in late 2006. Instead of defusing the dollar crisis, it will pile on the dynamite.

Blogger Nate March 17, 2013 11:40 AM  

I mean... its just leaping from the frying pan to the fire.

Blogger Positive Dennis March 17, 2013 11:42 AM  

Folks the bankers are not idiots.
They know this will create problems, especially in Spain.
Therefore they will do, and already plan to do, what they need to keep Spain liquid. Unless they miscalculated, this will not be the "big one."

Anonymous Anonymous March 17, 2013 11:49 AM  

A component of the the weimar republic was the mandatory wage increases. Does anyone have thoughts on whether that's required to achieve that level of hyper inflation?

-BooneWaxwell

Anonymous zen0 March 17, 2013 11:50 AM  

Some say the Russian money influx caused the Cypriot banks to mal-invest in things like Greek bonds and that's what got them hammered.


Co-incidently, the Russians have announced (about an hour ago) that they are sending a permanent fleet to the Mediterranean.

Blogger Nate March 17, 2013 11:52 AM  

"A component of the the weimar republic was the mandatory wage increases. Does anyone have thoughts on whether that's required to achieve that level of hyper inflation?"

That was actually an effect of hyper inflation... not a cause.

Blogger Nate March 17, 2013 11:52 AM  

"Co-incidently, the Russians have announced (about an hour ago) that they are sending a permanent fleet to the Mediterranean."

coincidentally. of course.

Anonymous allyn71 March 17, 2013 11:57 AM  

Doom


Time to start reading up on the Iceland immigration policy. Iceland is pretty socialists also but at least they are smart enough to not commit national suicide and were willing to tell the bankers to get f'ed. Can't be that bad.

Anonymous The other skeptic March 17, 2013 11:59 AM  

Folks the bankers are not idiots.
They know this will create problems, especially in Spain.
Therefore they will do, and already plan to do, what they need to keep Spain liquid. Unless they miscalculated, this will not be the "big one."


Few battle plans remain intact once you meet the enemy.

Anonymous allyn71 March 17, 2013 12:02 PM  

What a coincidence.

Go long bodyguards and body armor for EU banksters; plutonium-210 and passenger vans for russian mafia.

The Cypriot parliment is probably more afraid of the Ruskies than they are the sheep in the pasture at home.

Anonymous Credo in Unum Deum March 17, 2013 12:13 PM  

If this comes to America, I wonder if it'll wake up the masses... Maybe taking 30% of people's 401Ks will get them riled up. Or maybe they'll wait to do something like that just before the Super Bowl or World Series later this year, as no one will pay attention to that while they're watching the modern equivalent of Panem et Circenses...

As I've overheard a few people saying for the last few weeks: The Founding Fathers would be shooting by now.

Anonymous The other skeptic March 17, 2013 12:17 PM  

The choir sings

Anonymous ShoutingintheForest March 17, 2013 12:19 PM  

OT (but only a little)

Governments would love to get rid of cash entirely - they can track a citizen's every move and build up behavioral and tracking profiles.

We are told by the Technorati that NFC and cell phone payments are the next "evolution" of payment. Google Glasses ride against the forehead, and may in a future release be able to do payments. (Rev 13:16?)

I don't think Google is the Anti-Christ or the False Prophet, but the technology of hand held/Forehead mounted payment systems exist.

Anonymous zen0 March 17, 2013 12:27 PM  

allyn71 thinks:
Time to start reading up on the Iceland immigration policy.


If they are smart enough to tell the banksters to get stuffed (or whatever it is they say), they are most likely smart enough not to allow an invasion of non-Icelandic stock from the New Third World.

Anonymous allyn71 March 17, 2013 12:29 PM  

"Or maybe they'll wait to do something like that just before the Super Bowl or World Series later this year, as no one will pay attention to that while they're watching the modern equivalent of Panem et Circenses..." - Credo in Unum Deum March 17, 2013 12:13 PM

They noticed the 2.5% cut when the payroll tax exemption was removed. They would notice a 7-10% hit in their savings and checking accounts, Superbowl or not.

They might not pay attention to the machinations of the banksters but they would know if they took an additional cut off the top.

Anonymous allyn71 March 17, 2013 12:32 PM  

"If they are smart enough to tell the banksters to get stuffed (or whatever it is they say), they are most likely smart enough not to allow an invasion of non-Icelandic stock from the New Third World." - zen0 March 17, 2013 12:27 PM


That is why it is important to get on the first boat before the rest come. Of course that doesn't preclude the fact that they might not let you stay.

Guess I'll just have to keep getting ready to repulse the zombie horde here at home.

Anonymous James May March 17, 2013 12:33 PM  

I agree about the stock market. It is a rigged game where hedge funds and options traders can legally raid your 401k. People are only just now breaking even from the raids of 2008 and are being set up to take another fall. They can't do that unless the DOW goes up and then down. When it goes down they raid you by inducing panic with naked short selling.

Anonymous Anonymous March 17, 2013 12:37 PM  

"The Germans will finally have conquered Europe. Maybe it's for the best."

Better than Eyetalians, frogs and other idiots running things.

Blogger Nate March 17, 2013 12:42 PM  

"The Germans will finally have conquered Europe. Maybe it's for the best."

The Germans conquered Europe decades ago mate.

Blogger kurt9 March 17, 2013 12:51 PM  

Do remember that the EU mandarins actually discussed merging the EU with the USSR about 6 months before the later collapsed. The EU mandarins have never believed in representative government or free-market economics.

Anonymous The other skeptic March 17, 2013 12:55 PM  

Have no fear, there is a savior near

Blogger ajw308 March 17, 2013 1:10 PM  

The updates read like the introductory chapter to an old Tom Clancey novel

Blogger Nate March 17, 2013 1:14 PM  

Just saying... this all looks like a perfectly plausible start to WWIII to me.

Blogger Bob March 17, 2013 1:15 PM  

Iceland?

There's only about 375,000 total citizens in the place, hardly more than an average sized city.

I imagine they may let in 50-75 immigrants a year... IF they were feeling generous.

Anonymous Godfrey March 17, 2013 1:24 PM  

Iceland? The evil power elite will probably send their mercenaries there next.

Anonymous Godfrey March 17, 2013 1:27 PM  

Dillinger was a Boy Scout compared to these guys.

Anonymous cheddarman March 17, 2013 1:29 PM  

What are the people in Cyprus doing about this?

Are there riots yet?

Anonymous nordicthunder March 17, 2013 1:29 PM  

"Just saying... this all looks like a perfectly plausible start to WWIII to me."


was thinking along those lines as well, should we start a pool predicting a start date?

Blogger Nate March 17, 2013 1:42 PM  

"was thinking along those lines as well, should we start a pool predicting a start date?"

That never ends well. For crying out loud... people can't even really agree on when WWII started...

Anonymous Anonagain March 17, 2013 1:59 PM  

Full-blown socialism. Ain't it grand. One notices that Leftists will slither back under their rocks whenever these kinds of threads appear.

Anonymous VD March 17, 2013 2:09 PM  

One notices that Leftists will slither back under their rocks whenever these kinds of threads appear.

They're not smart enough to follow along. Declaring "nuh-uh" to observations of societal dissolution and "raciss" to observations of invasion is about their intellectual limit.

And those are the bright ones. The others are limited to "wow!" and "so sad".

Anonymous jartstar March 17, 2013 2:12 PM  

Nate they won't need to confiscate it
They will just make it even more difficult to use than cash and tax it at 80%+ for 20 years in any transaction. Sure the economy will go underground but all major purchases like real estate and vehicles will be a huge pain if not impossible.

Anonymous jartstar March 17, 2013 2:16 PM  

Why couldnt the US simply annex the Cayman islands or cut a deal with the Brits to get the money? In this scenario we are talking about a government which has no qualms about taking money regardless of legality.

Anonymous Up the Irons March 17, 2013 2:23 PM  

Never forget the NWO conspiracy theory that the Banksters are instigating the economic crisis to crash all the world's fiat currencies so they can introduce their single, digital, cashless fiat global currency system.

That is when we will all be given the choice on whether or not any of us will accept the mark of the beast.

"Let him who hath understanding, reckon the number of the beast..."

Anonymous scoobius dubious March 17, 2013 2:23 PM  

"this all looks like a perfectly plausible start to WWIII to me."

Dude, World War Three started years ago. News update: we are losing, in a total rout the like of which hasn't been seen since Hannibal skinned the Romans at Lake Trasimene. Where've you been?

You know what they say about always fighting the last war. This time, the attack has been so brilliant you don't even know you're at war and that you're losing. Badly. Very, very, very badly.

Blogger Nate March 17, 2013 2:28 PM  

"Dude, World War Three started years ago. News update: we are losing, in a total rout the like of which hasn't been seen since Hannibal skinned the Romans at Lake Trasimene. Where've you been?"

I rest my case.

Blogger Nate March 17, 2013 2:31 PM  

"Why couldnt the US simply annex the Cayman islands or cut a deal with the Brits to get the money? In this scenario we are talking about a government which has no qualms about taking money regardless of legality."

1) Because the US is ruled by powerful people who have money there... and thus they'd be cutting their own throats.

2) Because the people who have money there are extremely knowledgable and savvy and well connected... as the second a whiff of something like that gets on the wind... the money will be moved.

Anonymous scoobius dubious March 17, 2013 2:33 PM  

Forget about "Hannibal ad portas." Hannibal is not AT the gates, Hannibal is WITHIN the gates, and in fact has been, for a very long time now. Hannibal owns your banks and your media. Hannibal owns your government. Hannibal sends YOU to war, to fight other wars (viz., not the invisible one he's fighting against you), for Hannibal's benefit. It's quite remarkable, actually.

Imagine if Odysseus and his men snuck out of the Trojan Horse, and then, instead of sacking the city, they simply commenced to govern it, pursuing their own interests, and against the interests of the Trojans. And then they took over the priesthood, to tell the Trojans that there was nothing at all the matter with this, and to object to it was raciss, the highest and hardest anathema possible.

Oh wait, what am I saying? You don't have to imagine that... you're living it. Right now. As we speak.

Anonymous Anonagain March 17, 2013 2:45 PM  

They're not smart enough to follow along. Declaring "nuh-uh" to observations of societal dissolution and "raciss" to observations of invasion is about their intellectual limit.

And those are the bright ones. The others are limited to "wow!" and "so sad".


If Leftists were only guilty of not comprehending, but they are the also the cause. Without these throngs of useless, thoughtless, vicious, envious idiots, none of this evil could be perpetrated on the rest of us.

Can anyone blame me for wanting to rip out their throats?

Blogger James Dixon March 17, 2013 3:24 PM  

> I didn't suspect cash first either, but once again it goes to show you that there's no safe asset class when things get bad enough.

Equally importantly, there's no safe location. You need to diversify internationally too. And that's a lot harder to do for most people.

Anonymous 11B March 17, 2013 3:52 PM  

And I thought power was supposed to flow out of a barrel of a gun.

I don't know what is more upsetting, watching this soft-left takeover or watching men being cowed without the use of force. I guess it would make it easier for me to digest if I saw the left taking over with force of arms. I could at least understand the lack of resistance. But this is embarrassing whether one looks at what is happening in Europe or North America.

Anonymous James May March 17, 2013 4:05 PM  

The idea of a de facto world war III is not inaccurate. The UK has suffered damage that would take it out of a real war without a shot being fired. However there is still real war and the idea that there will be none in the future is absurd. So, how will the UK fare? Poorly and on the sidelines.

Race-based political correctness is the closest thing to a de facto military enemy we have ever had, or a better analogy, a fifth column in our midst. Saying it is racist to blame immigrant groups for failure and transferring that exact same blame onto whites in the UK is the exact same thing, one disguising itself as non-racist. However reality doesn't care about what one looks like but responds to actual and real success, not trendy notions of what success looks like. There for we should choose success, whatever its appearance.

How much longer will failure disguise itself as the failure of others before we can look at the giant potholes and rats of Kathmandu and Guatemala City and see the real source of failure?

Anonymous Anonymous March 17, 2013 4:12 PM  

Re previous comment about Germany wiimning -there's an ad on radio here in Ireland encouraging you to learn German !!! I kid you not, merkel archiving what the third reich could not !!!

Anonymous Anonagain March 17, 2013 4:22 PM  

I don't know what is more upsetting, watching this soft-left takeover or watching men being cowed without the use of force.

People are cowards. Courage is a virtue. In post-Christian Europe, the majority of individuals have lost all virtue. At this point, resistance would only come in the form of a mob - violent, thoughtless - void of virtue. But little good this will do except give the elites more excuses for taking even more fascist measures.

This is not to imply that the individual, however courageous he may be, could do anything anyway. But, the steady and ongoing erosion of virtue in the society is the reason men are now in the position to be cowed.

Anonymous sprach von Teufelshunden March 17, 2013 4:28 PM  

How does one begin here? I guess, we'll begin with Cottenham:

"Money, when paid into a bank, ceases altogether to be the money of the principal; it is then the money of the banker, who is bound to an equivalent by paying a similar sum to that deposited with him when he is asked for it.… The money placed in the custody of a banker to do with it as he pleases."
-- Lord Cottenham, Foley vs. Hill and Others (1848)

Yes, it would appear that Cyprus is a laboratory. A test market. A microcosm of things to come. If people wanted a real banking expert, to come onto a "talking head show," and speak on this matter, that person would probably be Marilyn Macgruder Barnewall. [1]

Since many others are talking about Russia, being involved in this mix, if Marilyn could [2], she would present Leo Emil Wanta. He is probably the only living person, a non-Russian, being the one true expert on Russia, being a personal friend of Putin [3], and other guys like Khrushchev, and Khalezov.

I could go on forever here, with examples. This comment space will not allow for it. I have mentioned Stew Webb before. He knows a bit about banking and finance. Especially international banking. Not as much as Barnewall, but from a different perspective from life experience. Webb will point you to Barnewall and Wanta.

Hell! If one REALLY wishes to know. Get it from the "horse's mouth." Here is three hours of Webb, also with his buddy Mike Harris (another expert in finance and business). Prepare to learn some things about Ron Paul (to your delight) and Alex Jones (to your disgust). And some other things, most don't demonstrate a stomach for...

Stew Webb with Mike Harris and Liberty Lisa and Austin Thomas [4]



---------
[1] The problem with the "talking heads," is that they deal in sound-bites. One cannot convey a message (of this magnitude) in a sound-bite. Abby Martin of RT, (bless her heart for her efforts) is a prime example of this. She tries to educate a public in five minutes, as directed by her producers. One cannot properly educate in five to as much, even thirty minute sound-bites. It takes, at a minimum, a summer "crash semester," being one week (~40 hours), at eight hours per day, to comprehend a subject such as this. Barnewall will tell you, that one (uneducated in such) cannot possibly understand banking and finance, from her perspective without reading her two novels, and recent biography on Wanta.

[2] I have an ongoing email rapport with Barnewall. She has recently relayed to me, just how dangerous Wanta's position is at present. His security detail rivals that of G.H.W.B. Does that paint the picture sufficiently for you?

[3] I can almost guarantee you, that the one thought that continually goes through Putin's mind at present, is constantly querying Wanta, on when he will get his $30 BILLION. One hopes this will be shortly after April 1, 2013. As Barnewall points out, this along with the other $5 BILLION each to other countries, "will settle the rocky financial markets so close to failure in Europe and that, in turn, will go a long ways toward settling the markets of the United States."

[4] Pay special attention to Webb, when he mentions the IMF and Christine LaGarde. Not all are on the "dark side" here. (at least completely) Webb says some interesting things about Barry Soetoro as well.

Anonymous scoobius dubious March 17, 2013 4:49 PM  

"I don't know what is more upsetting, watching this soft-left takeover or watching men being cowed without the use of force."

Oh, there is plenty of force in play, it's simply that YKW has disguised it. There are plenty of men who would gladly die honorably in battle for their cause, but who quite understandably flinch at the thought of being sent instead to prison to be endlessly ass-raped by mobs of feral third-world shit-monkeys.

Think about cause and effect here. And as always, think about YKW. Because it always rounds back to them.



Anonymous Anonagain March 17, 2013 4:54 PM  

Another very obvious observation that one makes from this confiscation is that there is not the slight form of democracy at play here. For all the Leftist blather about people power, voice of the people, blah, blah, blah... in the end, it's all about absolute power in the hands of a very few elite who will screw the masses for all they've got - and pronounce it as progress, fairness, equality - for the good of all.

This has always been and always will be the consequences of Leftist policies. And the misery has only just begun. Damn them all to hell.

Anonymous scoobius dubious March 17, 2013 5:06 PM  

"in the end, it's all about absolute power in the hands of a very few elite who will screw the masses for all they've got"

This is exactly why YKW always support leftism. It is simply an expression of YKW will to power, nothing else really. That's basically what leftism is, at its core. Observe the way that leftism keeps morphing, from straight old-school Marxism to Vienna Circle to Frankfurt School to feminism to "civil rights" to multiculturalism; but with every change, it is somehow always mysteriously in line with YKW interests. Huh. What a coincidence. All the "theory" is just window-dressing. Once you realize this, a lot of other things suddenly make a lot of sense.

Blogger James Dixon March 17, 2013 5:16 PM  

> If you wait until the announcements hit, you will not be able to do anything until it is too late.

So, barring an insider in the business, where do you look for advance notice of this type of thing? I mean, we all know that barring a major turn around in US politics it's inevitable here too, but what will be the first warning signs people should watch for?

When the CEO of a bank says "I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish.", can even insider information be enough?

Anonymous Stilicho March 17, 2013 5:18 PM  

You need to diversify internationally too. And that's a lot harder to do for most people.

Where you will immediately be the "other" and much easier to attack and scapegoat than the natives when things get tough. There are no easy answers. If I were, hypothetically of course, choosing an international location, I would choose one where I look like the natives and where the "other" is likely to be identified primarily as the vibrant hordes. Just be careful to choose a location that does not have an insurmountable vibrancy problem like the UK does.

Anonymous Stilicho March 17, 2013 5:23 PM  

So, barring an insider in the business, where do you look for advance notice of this type of thing?

This IS your advance notice. Anything after this is just gravy. You don't want to be caught trying to time it. Beyond that, try to watch what well connected politicians are doing.

Anonymous kh123 March 17, 2013 5:31 PM  

Even Hitler had to cajole the parties over time to vote the various Acts into place before he could consolidate and blitzkrieg proper.

As far as the Russian navy, Syria could just as well be the reason. They have a port in Tartus from what I remember.

Anonymous Anonagain March 17, 2013 5:43 PM  

YKW

Yellow Kooky Wankers? Seriously, it's not ringing a bell.

Anonymous Anonagain March 17, 2013 5:44 PM  

I admit, I ain't got no chili on this YKW business.

Anonymous Anonagain March 17, 2013 5:55 PM  

CYPRUS - Confiscating Your Property & Rights Under Socialism

Anonymous Matthew March 17, 2013 6:09 PM  

Anonagain, I'm sure You Know Who owns most of the bank, newspapers, studios, pornographers, etc.

Blogger Good Will March 17, 2013 6:25 PM  

You Know Who. Easier said than identified.

Anonymous The other skeptic March 17, 2013 6:31 PM  

[2] I have an ongoing email rapport with Barnewall. She has recently relayed to me, just how dangerous Wanta's position is at present. His security detail rivals that of G.H.W.B. Does that paint the picture sufficiently for you?

So, why are you relating all this here? Do you seriously think Vox has some secret channel to the Illuminati or something?

Anonymous Anonagain March 17, 2013 6:48 PM  

Matthew, indeed I do, and this is who I was thinking scoobius was referring to, but I couldn't make out the initials.

YKW - NIK!

Thank you.

Anonymous Anonagain March 17, 2013 7:06 PM  

You Know Who. Easier said than identified.

There are many advantages of being a stealth enemy, most especially in cases when without these advantages the aggressor hasn't a chance of undermining, not his adversary, but his victim. Herein lies the clear advantage. The stealth enemy has no adversary.

Anonymous Ulmer Miller March 17, 2013 7:07 PM  

Nate, why so many... ellipses?

Blogger LP 999/Eliza March 17, 2013 7:11 PM  

The international banker thefts are rather late. I fully expected massive confiscations last year.

Anonymous The other skeptic March 17, 2013 7:22 PM  

There are those who expect Obama to pull something in 20125 to retain power.

Blogger njartist March 17, 2013 7:28 PM  

@ sprach von Teufelshunden
OMG - WTF!
I just read through your linked Wanta article: this is effing incredible.
The there is this today: Hillary Clinton - if this is true - is under house arrest: http://www.myspace.com/tom_heneghan_intel/blog


FTA: "UNITED States of America - As Wanta-Reagan-Mitterrand Protocols implementation remains imminent with an April 1st U.S. Supreme Court ordered deadline, it can now be reported that former U.S. Secretary of State Hillary Rodham Clinton has been placed under house arrest by the U.S. military on charges of financial treason.

On week ago Friday, the same day Jack Lew was sworn in as U.S. Treasury Secretary, sociopath Hillary attempted to illegally divert $1.7 TRILLION of U.S. Treasury funds to a secret CIA proprietary account in the People's Republic of China.

Both Chelsea Clinton (Hillary's daughter) and former Citibank CEO and Clinton era Treasury Secretary Robert Rubin have power of attorney over the account."

Blogger James Dixon March 17, 2013 7:34 PM  

> This IS your advance notice.

You are, of course, correct Stilicho. Sometimes I miss the obvious. All of us are idiots at one time or another.

Anonymous MendoScot March 17, 2013 8:24 PM  

You left churches out of your list, Matthew.

Anonymous geoff March 17, 2013 8:24 PM  

even if u cant buy a car with cash, having cash means u can buy groceries while rest of america asks wtf just happened to my money in the bank?

Anonymous MendoScot March 17, 2013 8:28 PM  

Nate, why so many... ellipses?

Ellipses, or ellipsis? He uses both, although one more frequently than the other.

Blogger Longstreet March 17, 2013 8:36 PM  

You will recall that I have been warning readers to stay out of the stock market and the banking system to the greatest extent possible for some time now.

I've been Direct Depositing for some time now, as my bank is actually 40 some-odd miles from where I live. I can stop DD and get paid by check, but that still involves a bank to cash it. My employer damn sure isn't going to pay me in cash.

Crap this is depressing. I've got 10 beautiful, intelligent kids that are going to inherit this mess.

Anonymous 11B March 17, 2013 8:49 PM  

Oh, there is plenty of force in play, it's simply that YKW has disguised it. There are plenty of men who would gladly die honorably in battle for their cause, but who quite understandably flinch at the thought of being sent instead to prison to be endlessly ass-raped by mobs of feral third-world shit-monkeys.

No one is even asking them to die in battle or do anything that would get them sent to prison. If you really want to attack YKW, how about start by refraining from purchasing as much unnecessary bullshit from them as possible. I see too many guys who bitch and moan about what is happening, but then jump into line to see that next Hollywood blockbuster. Or they keep forking over $100/month for that cable/satellite subscription. And then don't get me started on the animals that que in line for Christmas shopping orgies.

Too many people on the right are feeding the beast. The irony is that in this great left-right divide, especially in the USA, I'd say the right has more of the productive classes which do most of the consuming. I know the richest of the rich are on the left. But the big tent on the left includes the bulk of that 47% that Romney called out. Yet the right's productive classes are the ones who are buying the products of the left and feeding the beast. I just wish people on the right would be more discriminatory about how they spent their money. It might actually start to have an impact.

Anonymous MendoScot March 17, 2013 8:55 PM  

One of the tricks I previously mentioned was to use casinos to pull your money out of a withdrawal-blocked account. This worked well in the 2001 Argentine corralito.

Our delectable Presidenta has just moved to block that route off (even thought the government has been actively promoting casinos as a source of income), so I suspect she is paying a great deal of attention to how this works out.

Blogger tz March 17, 2013 9:11 PM  

Given the choice, I'd do away with the "elites" rather than the "invaders".

Anonymous Mina March 17, 2013 9:13 PM  

Captain Capitalism gets into this in his book _Enjoy the Decline_ which I have recommended here before.

Blogger Nate March 17, 2013 9:37 PM  

"Nate, why so many... ellipses?"

Its a style thing. Everything has timing and rhythm to me... and kind of like comedians... I think delivery is extremely important. So when I write... I use them to force you to pause for a second where I think the delivery benefits. Commas do the same thing but people get their panties in a wad over commas way to easy. Comma protocol is not nearly as strict as people were taught in the 4th and 5th grade... but good luck getting that through their heads.

The fact is I know more about grammar than most of you could would ever believe. Hell on this very blog I've demonstrated that people that think they know the difference between its and it's actually have no idea what they are talking about. The vast majority of the time I just don't bother to explain myself though.

Blogger Nate March 17, 2013 9:40 PM  

"even if u cant buy a car with cash, having cash means u can buy groceries while rest of america asks wtf just happened to my money in the bank?"

You misunderstand. I'm not saying you shouldn't go get cash. I am saying you SHOULD go get your cash and only do business in cash. But my point also was... that it just isn't an option for a lot of people.

Anonymous PC Geek March 17, 2013 9:50 PM  

No one is even asking them to die in battle or do anything that would get them sent to prison. If you really want to attack YKW, how about start by refraining from purchasing as much unnecessary bullshit from them as possible. I see too many guys who bitch and moan about what is happening, but then jump into line to see that next Hollywood blockbuster. Or they keep forking over $100/month for that cable/satellite subscription. And then don't get me started on the animals that que in line for Christmas shopping orgies.

Too many people on the right are feeding the beast. The irony is that in this great left-right divide, especially in the USA, I'd say the right has more of the productive classes which do most of the consuming. I know the richest of the rich are on the left. But the big tent on the left includes the bulk of that 47% that Romney called out. Yet the right's productive classes are the ones who are buying the products of the left and feeding the beast. I just wish people on the right would be more discriminatory about how they spent their money. It might actually start to have an impact.


11B brings up an excellent point - I believe that rycamor also posted on this a while back - us on the right are the hardworking productive folk who keep the machine running...the only real way to effect change now is to stop funding a system that you disagree with so strongly - if you want to put an end to the bankster's schemes - stop bankrolling them!

Go Galt - work less (at least in the formal economy) and spend more time with what is truly important. Plus, an hour of work at home on your house or car gives you far more economic value than today's cheapskate employers would have paid you for that hour of your time and the stress of dealing with corporate BS.

Work the absolute minimum that you can and do not take promotions or extra hours - do what you need to in order to earn the monopoly $ needed to pay your mortgage/rent and such, but otherwise disappear from the (heavily taxed and corporate dominated) formal economy.

They can't tax you fixing your own car but they could tax you working the hours in your workplace to pay someone else to do it - and then tax that person as well.

Why work so hard for worldly, formal, on-paper wealth and success when it can be taken from you unjustly in the blink of an eye by the banksters, or eroded year by year via inflation?

Some random dude once said to seek out the Kingdom of God first, and the rest would be added onto you. Would that we would follow that advice.

Protip: The Kingdom of God is rarely found in the corner office.

Anonymous p-dawg March 17, 2013 10:18 PM  

@Nate: I just bought a vehicle with cash a couple weeks ago. Why go to a dealer when the grey market is so much easier to deal with? Classifieds and Craigslist work as well as they always have - if not better, right now.

Anonymous DonReynolds March 17, 2013 11:24 PM  

Declaring a bank holiday to stop the run on the banks is something drastic enough. In the USA, we did that immediately after FDR started his first term of office. That allows some people to calm down...but only if they believe they will get 100% of their money at some point. When you decide to factor savings and other deposits with some arbitrary discount, then the panic....which is the basis of the runs on the banks....will certainly get worse.

For the ordinary schmuck, there are not many options. They can be even more determined to get their money out of the bank in the form of cash (or spend it out by writting checks). They can transfer their money out of the country, which is always an option. Or they can swallow the usual loss on exchange and convert to another currency. The Russians and the Swiss are sure to make the most of the situation, with US and UK banks not far behind. The question that remains is whether to keep deposits in Euros or switch to a "safer" currency in the short run? (The simple device of reciprocity would work for converting out of Euros without dealing with the moneylenders.) Of course, there is always gold coin or bullion, but that pre-supposes that you can get your hands on cash money.....which leads back to a run on the bank and a loss of confidence in the Euro. Hmmmm...back where we started in the first place.

Anonymous dh March 17, 2013 11:45 PM  

They're not smart enough to follow along. Declaring "nuh-uh" to observations of societal dissolution and "raciss" to observations of invasion is about their intellectual limit. And those are the bright ones. The others are limited to "wow!" and "so sad".

What's to observe? We are witnessing the early stages of you being wrong again.

You write:

And note that they expect similar actions to take place in the USA as well. Meanwhile, none of the smugly verbose defenders of the people on the Left appear to have even noticed anything has happened... most likely because this sort of thing is completely beyond their capacity to even comprehend, let alone analyze or anticipate

I read the original excepts from the report from BCG. It's supremely funny how you (and many others) cherry pick only what suits you. Did you notice BCG's recommendations for other ways out of the problem?

There are at least 4 major economic realities they claim need to be addressed but that you would almost certainly claim are wrong.

The US government deficit is not sustainable and will need to be brought to acceptable levels, which will slow growth and amplify the problems of the private sector.
Translation, deficit spending - stimulus - props up GDP growth. You have claimed the multiplier effect of deficit spending is less than 1.

Additional taxes on capital gains..to offset the support for the real estate market
No comment needed.

Revisit income distribution. Most U.S. families cannot make up for their income shortfall with increased credit – and 41 million Americans are officially considered to be below the poverty line.
No comment needed.

So the only question is, how many weeks, months, years do we have to wait without a US wealth tax being enacted before you admit that you were wrong. That this event is not the start of something that will affect the US. It is, like many other events, a European issue.

Anonymous rycamor March 17, 2013 11:59 PM  

@PC Geek,

They can't tax you fixing your own car but they could tax you working the hours in your workplace to pay someone else to do it - and then tax that person as well.

Yes, and they can't tax you for growing your own food. You might be surprised at how small a space it takes to provide all the veggies a family needs with the right gardening techniques. I have only managed to garden about 1/100 of the 2.5 acres I live on, and already I have too many of some vegetables, such as collards and kale (which although not the most tasty, are some of the easiest, most nutritional things you can grow). Add chickens to the mix and you can provide essential vegetables and protein to survive on completely if needed. Add goats and you have another protein source as well as an excellent milk source.

Blogger Nate March 18, 2013 12:34 AM  

" I just bought a vehicle with cash a couple weeks ago. Why go to a dealer when the grey market is so much easier to deal with? Classifieds and Craigslist work as well as they always have - if not better, right now."

And how much did you PAY for that vehicle?

Blogger Nate March 18, 2013 12:39 AM  

"So the only question is, how many weeks, months, years do we have to wait without a US wealth tax being enacted before you admit that you were wrong. That this event is not the start of something that will affect the US. It is, like many other events, a European issue."

DH
you're a bright guy... but you unfortunately have the same mistaken conception of economics that so many of those in power do.

You will stand by in horror wondering why it all fell apart... no doubt because the smart people just didn't act quickly enough. That is normally the excuse offered.

In reality... it has nothing to do with it. No matter how quickly they react... no matter how much stimulus they dream up... you cannot borrow yourself out of debt. You cannot spend yourself out of a depression.

It is a lie... perpetuated by a useful idiot.

Blogger Nate March 18, 2013 12:40 AM  

"Translation, deficit spending - stimulus - props up GDP growth. You have claimed the multiplier effect of deficit spending is less than 1. "

He didn't just claim it. He demonstrated it... using the same keynesian economics that claim it works. It fails by its own metrics.

Anonymous dh March 18, 2013 1:00 AM  

you're a bright guy... but you unfortunately have the same mistaken conception of economics that so many of those in power do.
I will tell you honestly that VD long ago converted me in almost everything economically. I very closely read RGD. Before that, and even more so now, I am aghast with our financial situation, and it may in fact collapse, and probably sooner than I "think".

In reality... it has nothing to do with it. No matter how quickly they react... no matter how much stimulus they dream up... you cannot borrow yourself out of debt. You cannot spend yourself out of a depression.

It is a lie... perpetuated by a useful idiot.

I totally get it. I really do.

I will say this though. VD, and let's say, Karl Denniger. You get no points for freaking out over each thing that happens, and making it out to be the straw that will break the back. Or, the first event in a series of events that will end with catastrophic things happening.

VD, at least, has covered his bases by not predicting the collapse for another few decades. Fair enough. As I have said before, it's a very safe prediction to make. For one, if it happens sooner, he'll just say "well, things were EVEN worse than I thought, therefore I was EVEN more right than I had originally predicted".

Other reactionaries, like Denniger, are constantly at a 10. Everything, is at a 10. I can understand it for VD. Europe is in the middle of a 5-year crisis and the currency may/will fail. He lives in Europe. It's very close. He's in the heart of it in Italy.

Take this event. It's certainly news. It's certainly likely to have international effects. All true.

But there is no straight line that leads from this action to a wealth tax in the US. Of course, VD didn't claim that. He just sort of tip-toed around it. Noting that some people have predicted it, and of course not saying it WILL happen. But both his title, and his overall post, leave the impression that it WILL happen.

It's all back to the broken clock theory of predictions.

Anonymous dh March 18, 2013 1:03 AM  

He didn't just claim it. He demonstrated it... using the same keynesian economics that claim it works. It fails by its own metrics.

Agreed. So why would he trust the analysis of a firm who obviously is using a broken forecasting model?

The answer is, he's only interested in what they had to say, this one time, because it lined up with something they said could happen, that has just happened. All the rest of their predictions that may or may not be right, and all the rest of the their analysis - even in the same document - could be wrong, but he's happy to cherry pick the one thing they sort of got right.

You - and he - would never accept it from an intellectual foe. The other party would be ripped to shreds.

Anonymous p-dawg March 18, 2013 2:33 AM  

@Nate "And how much did you PAY for that vehicle?"

Not that it's any of your business, but $1200. Why?

Anonymous Stilicho March 18, 2013 8:02 AM  


Yes, and they can't tax you for growing your own food.

Actually, they can. It's all quite legal and was set up long ago. Indeed, they "can" tax for literally doing nothing just ask Chief Justice Roberts. Now actually enforcing such taxes would be more difficult and it might require your neighbors to rat you out ("If you see something, say something") in return for cash prizes or a share of the loot, but the legal mechanism is in place.

Blogger Nate March 18, 2013 8:46 AM  

"Not that it's any of your business, but $1200. Why?"

Because 1200 bucks isn't the kind of money I'm talking about. You can walk into any bank at any time and take out 1200 bucks.

Try going in and taking out 20k... or 40k... or 70k. It goes from a pain in your ass to "you have to wait 2 weeks" in a real hurry. Businesses that have large transactions flying around simply cannot resort to cash. it doesn't work. There isn't enough cash to make it work.

Blogger Nate March 18, 2013 8:48 AM  

"Agreed. So why would he trust the analysis of a firm who obviously is using a broken forecasting model?"

It wasn't a forecasting model... it was a political action model. "Hey we could just steal X and our problems go away" is not economics.

Blogger Nate March 18, 2013 8:51 AM  

" VD, and let's say, Karl Denniger. You get no points for freaking out over each thing that happens, and making it out to be the straw that will break the back. Or, the first event in a series of events that will end with catastrophic things happening."

Agree completely on Denniger. He is the net's leading Chicken Little. Worst of it all... he screams "The Sky is Falling at 3:00pm on Tuesday!!!"

Then tuesday comes and goes... and nothing happens... and he literally just ignores it... like he never said a thing about it. No explaination. No mea culpa. Nothing.

I hate him.

Vox on the otherhand... explains how he got it wrong and why. Also... its difficult to say Vox is like Karl... when Vox says should stumble along well into the early 2030s.

Anonymous dh March 18, 2013 8:53 AM  

Try going in and taking out 20k... or 40k... or 70k. It goes from a pain in your ass to "you have to wait 2 weeks" in a real hurry. Businesses that have large transactions flying around simply cannot resort to cash. it doesn't work. There isn't enough cash to make it work.

This is certainly true in my own experience. Major expansion of a building, and the contractor and I had some disagreements. We ended up settling, but he wanted the money right then. NO PROBLEM. Briefcase full of cash. Even large banks have to "order" large sums of money, and I told the contractor, it's much "easier" for them to do a wire transfer.

It wasn't a forecasting model... it was a political action model. "Hey we could just steal X and our problems go away" is not economics.

Come on now. Either you're wrong, or VD is wrong. Which is it:

And note that they expect similar actions to take place in the USA as well.

So, which is it?

Blogger James Dixon March 18, 2013 9:27 AM  

> So the only question is, how many weeks, months, years do we have to wait without a US wealth tax being enacted before you admit that you were wrong.

No more than 20 years. If our currency hasn't collapsed by 2032, I'm sure Vox will admit he was wrong about the timeline. If we elect a congress and executive who actually get our financial house in order (cutting federal spending to about 90% of tax receipts and putting the other 10% into paying off the accumulated debt), he may even move back into the US.

You act like he wants what he sees coming. He doesn't. He'd like nothing better than to move back here and get Viking's season tickets.

Anonymous VD March 18, 2013 9:46 AM  

He'd like nothing better than to move back here and get Viking's season tickets.

I wouldn't go quite that far. I have no intention of slogging through another Minnesota winter again. I left Minnesota before I left the USA.

Blogger James Dixon March 18, 2013 10:00 AM  

> I wouldn't go quite that far.

We both know you can afford to fly in for the games, Vox. :)

But I agree. In my experience, the older you get the less you like winter. And with all the games available on TV, who needs to go to them?

Anonymous dh March 18, 2013 10:27 AM  

But I agree. In my experience, the older you get the less you like winter. And with all the games available on TV, who needs to go to them?
I live within driving easy distance of several large stadiums, and without exception it's more pleasant to watch on television. Or better yet, radio.

You act like he wants what he sees coming. He doesn't. He'd like nothing better than to move back here and get Viking's season tickets.
It sure seems like he's not just an observer. A distant observer is not rooting for chaos. That's putting your thumbs on the scales.

Blogger Nate March 18, 2013 10:44 AM  

"It sure seems like he's not just an observer. A distant observer is not rooting for chaos. That's putting your thumbs on the scales."

Oh I think he'd feel a little vindication... Lots of folks gave him a lot of crap when he left I'm sure... and lots of folks still give him crap about it.

So... when it all falls apart... I don't doubt at all a bit of him will be looking back saying, "who's the moron now?"

Plus.. there is always the trainwreck aspect of it. It will be quite a show to see... from a safe distance.

Anonymous rycamor March 18, 2013 10:56 AM  

Yes, getting amounts like $1200 cash out of the bank is no problem, BUT it is already more of a pain this year than last year. Now they make you sign for it in spite of the fact that you verified your account with ATM card, and last time I went, they didn't even ask if I wanted $100s. I got back a pile of 50s and 20s. Makes me wonder how desperate for cash they are getting.

...

Anonymous Speculator March 18, 2013 12:53 PM  

OT, but regarding update IV, and to get the conspiracy theorists going, what if this fleet Russia is dispatching are the "Ships of Kittim"? It is merely coincendence that it is occuring now, right when Obama is scheduled to visit Jerusalem/Israel?

Anonymous RedJack March 18, 2013 1:39 PM  

JI March 17, 2013 10:33 AM The Germans will finally have conquered Europe. Maybe it's for the best.


The real question is do they still want it?

Anonymous kh123 March 18, 2013 2:49 PM  

Ships are apparently situated off Beirut. Given what Syria announced recently, is not surprising.

Anonymous p-dawg March 19, 2013 9:48 AM  

@Nate -

That's one reason why you shouldn't spend that kind of cash on a vehicle. Especially when you can get one that goes all the same places for $1200. Although mine was a motorcycle, there are cars and trucks available for <3000 all day long. Plus if you're of a certain mind, you can get things like unsigned titles and whatnot for cash. Just saying. You want to go to a dealer, you're going to leave a paper trail if they even let you buy with cash.

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